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| Section | Weight | Objectives |
|---|---|---|
| Recording Accounting Transactions | 50% | - Prepare accounting records - Reconciliations and control accounts - Record transactions using double-entry bookkeeping |
| Accounting Principles, Concepts and Regulations | 10% | - Principles and concepts of financial accounting - Regulatory and conceptual framework |
| Analysis of Financial Statements | 10% | - Interpret accounting ratios and performance - Calculate basic financial ratios |
| Preparation of Accounts for Single Entities | 30% | - Adjustments and inventory/cost of sales entries - Prepare financial statements from trial balance |
Which one of the following book-keeping errors does not affect the view given by the financial accounts?
Correct Answer: D 🗳️
Which one of the following would not be considered a purpose of segregation of duty?
Correct Answer: A 🗳️
The purpose of the external audit is the examination of, and expression of opinion on the financial statements of an entity.
What is the purpose of internal audits?
Correct Answer: A 🗳️
Which of the following is not an external user of financial statements?
Correct Answer: D 🗳️
Refer to the Exhibit.
The following information is available relating to the non-current assets of Company X:
Non-current assets that had originally cost $225,000 and had a carrying value of $105,000 were sold during the year.
The figure for purchases of non-current assets to be shown in the statement of cash flows will be, to the nearest $1,000:
Correct Answer:
£523000
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